The December 2013 Zambian inflation marginally increased by 0.1 percentage point to 7.1 percent as a result of the upward movement of prices of foodstuffs.
The year-end inflation rate was different from the targeted inflation rate of 7.0 per cent announced earlier in the year by Minister of Finance Alexander Chikwanda during the presentation of the 2013 Zambian budget.
Central Statistical Office director John Kalumbi announced the inflation rate on 26th December 2013 at a press briefing in Lusaka.
Mr Kalumbi said of the of the total 7.1 per cent annual inflation rate in December 2013, food and non-alcoholic products accounted for 3.2 percentage points while non-food products accounted for a total of 3.9 percentage points.
Lusaka ShoppersMr Kalumbi said the annual rate of inflation increased for food and non-alcoholic beverages, alcoholic beverage and tobacco between December 2012 and December 2013.
“Zambia recorded a trade deficit valued at K 327 million in November 2013 from a trade surplus of K 43 million recorded in October 2013. The trade deficit means the country imported more in November 2013 than it exported in nominal terms.”This was the first time since January 2013 the country had recorded a trade deficit. In fact the country last recorded a trade deficit of K 275 million in 2009. Kwacha Fall To Push Inflation – BoZ Meanwhile the bank of Zambia said the rate of inflation will rise in the medium-term due to seasonal increase in food prices especially mealie-meal.
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